Sophistication and preference inconsistency in a menu utility representation

Edward Honda

Mathematical Social Sciences, 2021, vol. 114, issue C, 116-121

Abstract: We provide an additive utility representation for any complete and transitive preference over menus of alternatives. The representation makes it seem as if a sophisticated individual takes into account the state dependent payoffs of two individuals that have to consume the same alternative from the menu but may have inconsistent preferences in some of the subjective states. We also consider special cases including when only one state is needed. Furthermore, we find upper bounds on the minimal number of subjective states needed for the representation.

Keywords: Menu; Representation theorem; Preference (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:114:y:2021:i:c:p:116-121

DOI: 10.1016/j.mathsocsci.2021.08.006

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